In a series of summits, leading countries of the world will meet to draw up an international arrangement for financial … appropriate principles of monetary policy, rules for financial soundness and agreements on the role of prudent regulation. The … paper discusses the lessons from the subprime crisis, failures of regulation, crisis management in the US and in the EU and …

of the IMF in light of the past experience in preventing currency crises and a systemic breakdown of the world … world economy. …